Goldman Sachs Bank to Purchase $300 Million in Loans from the Leading Home Solar Lender
OAKLAND, Calif., Sept. 11, 2017 /PRNewswire/ — Goldman Sachs Bank (“GS Bank”) and Mosaic, America’s leading provider of affordable home solar financing solutions, today announced a purchase commitment in which GS Bank will purchase $300 million in home solar loans originated by Mosaic.
“This purchase commitment further strengthens Mosaic’s position as the most trusted home energy financing platform in the US with diversified sources of capital,” said Billy Parish, CEO of Mosaic. “We are excited to work with a leading bank that shares our passion for providing clean energy financing solutions to homeowners.”
The GS Bank purchase commitment increases Mosaic’s available future loan funding commitments from banks and credit unions to $800 million. This is in addition to $650 million of committed borrowing capacity provided by Mosaic’s existing warehouse partners. With proven access to the term securitization market as well, Mosaic is well positioned for strong growth in 2018.
Mosaic provides financing to homeowners to purchase rooftop solar systems, which typically result in savings of tens of thousands of dollars in energy costs over the life of the system, as well as other home improvement projects. With equity backing by Warburg Pincus, Mosaic has become the #1 lender for home solar in the country. Mosaic has a network of more than 125 top tier solar companies that offer the Company’s financing products, including 15 of the top 25 installers nationally.
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